Home Prices & Sales Surge
Redfin released key housing market data for 400+ U.S. metro areas for December (Redfin)
- DOUBLE-DIGIT GROWTH: The median home sale price increased 13% year over year to $319,000
Listings might be down, but sales were up and time on the market was way down
- SALES UP, INVENTORY DOWN: Pending home sales were up 38% year over year but active listings fell 32% from 2020 to a new all-time low.
- SELLING FAST: 38% of homes that went under contract had an accepted offer within the first two weeks on the market. It was 25% during the same period a year ago.
Redfin chief economist Daryl Fairweather said in a statement that the economy faces problems with political instability and rising coronavirus cases. However, Fairweather concludes, “it’s unlikely that either will have a meaningful or long-term impact on homebuying demand”